The economic turmoil stemming from the outbreak of COVID-19 has forced small business owners to take drastic measures to save their companies. Unfortunately, government subsidized loans, loan deferrals, and temporary rent relief may not be enough to save all small businesses.
Bankruptcy should never be the first choice for a business in financial distress, but it may be the best choice for all interested parties. This presentation will address bankruptcy strategies for businesses, including recent amendments to the bankruptcy laws that make certain small business cases faster and less expensive.
Goals of the presentation:• Discuss what you can do as an accountant or financial advisor to help your business owner clients prepare for a successful reorganization• Provide an overview of relief available under the Bankruptcy Code• Explain recent amendments to the Bankruptcy Code and the advantages for certain small businesses